Officials put a particular focus on how rising rates will start to squeeze "highly indebted households,.
The debt pile has been growing for three decades in both absolute terms and when compared to the size of the economy.
Stephen Poloz said the federal government's spending in the last couple of years on programs such as enhanced child benefits and infrastructure, have contributed to economic growth.
Moody's Investors Service has downgraded Canada's six big banks in another worrying sign about growing consumer debt and housing prices.
The amount Canadians owe compared with how much they earn hit another record high last year.